Give Me More Money! UBS Delays Bonuses Because Senior Execs Say Bonus Pool Is Too Small
Looks like the top guys over at UBS are going to bat for their team—fighting management to expand the bonus pool.
UBS has delayed 2010 bonuses because senior executives have deemed the bonus pool "unworkable" and they need time to plea for more money.
"UBS bonus pool for 2010 compensation was so small as to be termed "unworkable" by a number of senior executives at the investment bank and has now been delayed as pleas are made to the UBS board for the pool to be increased, according to people familiar with the situation."
Apparently, the employees received an internal memo on Tuesday stating that the notification of their bonuses would be delayed a week to complete performance reviews, but Faber was told otherwise.
"Now while the memo cited the reason for the dealy as relating to the completeion of performance reviews and the need for high quality payment processes, people close to the firm tell me the reason for the delay tell me simply that the pool was not large enough to ensure that the firm would be able to keep high performing employees"» Read More from Faber at The Faber Report
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